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Business Math Ch. 2
Vocabulary
Question | Answer |
---|---|
An allowance for a person used to reduce the amount of tax withheld from pay. | Withholding Allowance |
The amount used to figure income tax with a tax-rate schedule. | Taxable Income |
A deduction from pay for income tax. | Withholding Tax |
A written record of money paid out. | Cash Payments Record |
Future Spending Goals. | Budget |
A written record of money received. | Cash Receipts Record |
A tax term meaning gross income less adjustments. | Adjusted Gross Income |
The remaining pay after deductions have been subtracted from total or gross wages; take-home pay. | Net Pay |
A tax rate that stays the same for every person regardless of the amount of income they earn in a year. | Flat Tax |
Money paid out of total job benefits for things such as travel, dues, tools. | Job Expenses |
An amount of income that is free from tax. | Exemption |
Money received from interest and dividends. | Unearned Income |
A fixed amount that can be deducted from taxable income. Used in place of itemized deductions. | Standard Deduction |
Paid vacations, sick leave, retirement plans, insurance, and other benefits beyond the wage or salary. | Fringe Benefits |
The corner total on a columnar table. Used to check accuracy of vertical and horizontal addition. | Grand Total |
The total value of the benefits received form a job less job expenses. | Net Job Benefits |
Total income in a year. Includes wages, salaries, commissions, bonuses, tips, interest, dividends, prizes, pensions, sale of stock and profit from a business. | Gross Income |
Money received form working such as wages, salaries, and tips. | Earned Income |
An addition to wages provided by the employer that are of value. | Benefits |
Subtractions from gross pay. | Deductions |